| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $226M | $151M | $127M | 49.5% | 78.1% |
| Op. Income | $65M | $21M | $10M | 214.7% | 538.3% |
| Gross Margin | 74.8% | 76.0% | 75.5% | -1.2pp | -0.7pp |
| Net Margin | 19.4% | 14.3% | 6.1% | 5.1pp | 13.3pp |
| EPS (Diluted) | $0.27 | $0.11 | $0.04 | 145.5% | 516.4% |
| Free Cash Flow | $35M | $844.0K | $8M | 4019.4% | 358.9% |
| Item | Amount |
|---|---|
| REVENUE | $226M |
| Cost of Revenue | $57M |
| GROSS PROFIT | $169M |
| R&D Expenses | $10M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $100M |
| Other Expenses | -$7M |
| Operating Expenses | $103M |
| Cost & Expenses | $160M |
| OPERATING INCOME | $65M |
| Interest Income | $0 |
| Interest Expense | $236.0K |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | $63M |
| Income Tax Expense | $20M |
| Net Income from Continuing Ops | $44M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $44M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $35M |
| D&A | $7M |
| EBIT | $65M |
| EBITDA | $72M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $226M |
| Cost of Revenue | $57M |
| GROSS PROFIT | $169M |
| R&D Expenses | $10M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $100M |
| Other Expenses | -$7M |
| Operating Expenses | $103M |
| Cost & Expenses | $160M |
| OPERATING INCOME | $65M |
| Interest Income | $0 |
| Interest Expense | $236.0K |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | $63M |
| Income Tax Expense | $20M |
| Net Income from Continuing Ops | $44M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $44M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $35M |
| D&A | $7M |
| EBIT | $65M |
| EBITDA | $72M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $44M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $16M |
| Other Non-Cash Items | $13M |
| Change in Working Capital | -$44M |
| OPERATING CASH FLOW | $39M |
| Capital Expenditure | -$5M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$5M |
| Net Debt Issuance | -$302.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$4M |
| NET CASH FROM FINANCING | -$5M |
| FREE CASH FLOW | $35M |
| Net Change in Cash | $30M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $94M |
| Short-Term Investments | $0 |
| Net Receivables | $217M |
| Inventory | $30M |
| Other Current Assets | $21M |
| TOTAL CURRENT ASSETS | $362M |
| PP&E (Net) | $159M |
| Goodwill | $29M |
| Intangible Assets | $9M |
| Long-Term Investments | $0 |
| Tax Assets | $30M |
| Other Non-Current Assets | $9M |
| TOTAL NON-CURRENT ASSETS | $237M |
| TOTAL ASSETS | $599M |
| Account Payables | $32M |
| Short-Term Debt | $19M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $50M |
| TOTAL CURRENT LIABILITIES | $100M |
| Long-Term Debt | $51M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$50M |
| TOTAL NON-CURRENT LIABILITIES | $65M |
| TOTAL LIABILITIES | $165M |
| Common Stock | $13.0K |
| Additional Paid-In Capital | $303M |
| Retained Earnings | -$3M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $434M |
| Minority Interest | $0 |
| TOTAL EQUITY | $434M |
| TOTAL LIABILITIES & EQUITY | $599M |
| Total Debt | $133M |
| Net Debt | $39M |
